18th Sep 2020 10:07
(Alliance News) - Essentra PLC said Friday it has raised GBP100 million through an share sale, which will go towards the acquisition of North Carolina-based 3C! Packaging Inc, which provides packaging and labels with a pharmaceutical focus.
The FTSE 250 plastics and fibre products maker issued a total of 38.5 million shares through a placing, subscription and PrimaryBid retail offer at a price of 260 pence, reflecting a discount of 8.8% to Essentra's closing price on Thursday of 285.00p.
Shares in Esssentra were down 8.2% at 261.76 pence on Friday in London.
Essentra issued 37.2 million shares through a placing conducted by Jefferies International Ltd and Peel Hunt LLP. In the PrimaryBid offer, 1.2 million shares were issued, and several directors took part in the subscription of 88,459 shares.
The total amount of shares issued represents around 15% of Essentra's share capital before the fundraise.
Following the equity raise, the group now has 302.6 million shares issued overall.
By Dayo Laniyan; [email protected]
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